Officials mentioned the airline, which operates flights to 78 locations and holds round 170 worldwide touchdown slots, urgently wants contemporary funding {and professional} administration to revive its operations.
Pakistan International Airlines (PIA) has confronted a major setback in its privatisation course of after Fauji Fertiliser Company Ltd formally withdrew from the bidding for a 75 per cent stake within the nation’s nationwide carrier, simply forward of the deadline to submit sealed bids.
According to Geo News, citing a report by The News, officers from the Privatisation Commission mentioned Fauji Fertiliser didn’t deposit the required earnest cash on Saturday, the ultimate submission date, and has knowledgeable the fee of its resolution to choose out. With its exit, three prequalified bidders stay within the race and are set to submit sealed bids by December 23. The remaining bidders embody Airblue (Pvt) Ltd; a consortium led by Lucky Cement, Hub Power Holdings, Kohat Cement, and Metro Ventures; and one other consortium led by Arif Habib Corporation, which incorporates Fatima Fertiliser, City Schools, Lake City Holdings, and AKD Group Holdings, Geo News reported.
Officials mentioned Fauji Fertiliser’s withdrawal permits it the flexibleness to probably be part of a profitable consortium at a later stage, an choice that will not have been obtainable had it formally submitted a bid. Under the privatisation plan, bids are being invited for a 75 per cent stake in PIA, with the profitable bidder given a 90-day choice to buy the remaining 25 per cent share held by the federal government, Geo News reported.
The bidding course of will start with sealed bids, adopted by approval of the reserve worth by the Privatisation Commission Board and the Cabinet Committee on Privatisation, after which bids will likely be opened publicly. The authorities has assured PIA staff of 1 12 months of job safety, whereas the holding firm will handle pension and post-retirement liabilities. Officials mentioned the airline, which operates flights to 78 locations and holds round 170 worldwide touchdown slots, urgently wants contemporary funding {and professional} administration to revive its operations.
(Except for the headline, the story hasn’t been edited by DNA workers however is instantly revealed from ANI)
